Industry News | FLY ME TO THE MOON

FLY ME TO THE MOON

Sometimes-maligned electric car manufacturer Tesla have announced immediate plans to lay off 9% of their workforce – just over 4000 units, then. For some stock marketeers, it is a sign of what they have been saying all along – Elon Musk’s endeavours are pie in the sky. Indeed there was a brief tumble in the share price; although it stabilised not least because of Musk’s announcement 24hrs later that he was buying a further 72,000 shares in his own venture!! He is already by some degree the biggest stakeholder in the burgeoning California-based EV business. And on analysis it makes sense: the company employ 46,000 people – 8000 of whom have been hired since the beginning of the year (2018). To boot, the streamlining involves a ‘’flattening out’’ of management structures – in other words all the workers are safe. Latest news from Tesla HQ in downtown Palo Alto? Revisions and upgrades for their vaunted Model 3 saloon version. Good news for modern man then...